Ohio-based mining and natural resources company, Cliffs Natural Resources, has raised $1 billion in a two-part sale of senior notes. Bonds worth $700 million, which carry a coupon rate of 4.8%, will mature on April 1, 2021 and notes worth $300 million, which carry a coupon rate of 6.25%, will be due on Oct. 1, 2040. The company will use the proceeds from the offering may be used to partially fund the acquisition of Consolidated Thompson Iron Mines. The joint book-running managers for the sale are Citigroup Global Markets, JP Morgan Securities and Merrill Lynch, Pierce, Fenner & Smith.
Click here for the release from Cliffs Natural Resources.